Self-Storage Condominium
New
For Sale
$67,500
10208 N ST RD 13 #55, Syracuse, IN 46567
COMMERCIAL, Syracuse, IN
Property Size800 SF
Price / SF$84.38
Days on Market2
Property Features for 10208 N ST RD 13 #55
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street
Fencing
Chain Link
Lot features
Rural
Directions
ST RD 13 JUST PAST WAWASEE MIDDLE SCHOOL
Subdivision
Kosciusko County
Standard status
Active
APN
43-04-22-200-328.000-025
Taxes and HOA fees
Tax Year
2026
Tax Description
UNIT 55 WAWASEE STORAGE CONDOMINIUMS PHASE III BLDG D & .83% INT IN COMMON AREA
Tax Annual Amount
548
Legal Description
UNIT 55 WAWASEE STORAGE CONDOMINIUMS PHASE III BLDG D & .83% INT IN COMMON AREA
Building Details
Year built
2000
Flooring type
Concrete
Roof type
Shingle
Listing Agency:
ERA Crossroads
(574) 457-4417
Listed By:
Kay Young · License #RB14019200
(574) 528-1400
Added: Sep 3
Last Checked: Sep 4 at 7:06PM
MLS# 202636438
Copyright © 2026 Kosciusko Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This self-storage condominium unit provides 20 x 40 feet of enclosed storage area in a well-maintained complex. The space has a concrete floor, shingle roof, and overhead door opener, making it suitable for storing vehicles, furniture, boats, and other personal property. The unit was built in 2000 and includes off-street parking.
The property is located at 10208 N ST RD 13 #55 in Syracuse, Indiana, between Syracuse and North Webster. The condominium complex is enclosed by chain-link fencing and is near Lake Wawasee, Dewart Lake, and Papakeechie. The unit is identified as #55 within the storage condominium community.
The property is located at 10208 N ST RD 13 #55 in Syracuse, Indiana, between Syracuse and North Webster. The condominium complex is enclosed by chain-link fencing and is near Lake Wawasee, Dewart Lake, and Papakeechie. The unit is identified as #55 within the storage condominium community.
Key Highlights
- 20 X 40 storage building in Wawasee Storage Condominiums
- Concrete flooring with shingle roof
- Overhead door opener included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$4,946
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$98,920
$98.9K
Cap Rate 7%
$70,657
$70.7K
Cap Rate 9%
$54,956
$55.0K
Market Conditions
NOI Build-Up for 800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$7.7K $9.60/SF
− Vacancy
−$614 −$0.77/SF
EGI
$7.1K $8.83/SF
− OpEx
−$2.1K −$2.65/SF
NOI
$4.9K $6.18/SF
Area
Kosciusko County, IN
Vacancy
8.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$98,920
Cap Rate 7%
$70,657
Cap Rate 9%
$54,956
Alternative Uses
Best Use
Self Storage
$70.7K
$61.8K – $82.4K
NOI $4,946 @ 7.0% cap · market cap 7.33%
Second Best
Warehouse
$54.8K
$47.9K – $63.9K
NOI $3,835 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$139.4K
$122.0K – $162.6K
NOI $9,756 @ 7.0% cap · market cap 14.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
38
Businesses Nearby
Explore this area
Business Placement
Demographics for 46567, IN
9,773
Population
5,849
Households
1.7
Avg Household Size
44
Median Age
25%
College-Educated
90%
High-School Grad
57.3 sq mi
ZIP Area
171
Density / Sq Mi
$73,277
Median Household Income
$46,327
Median Earnings
$964
Median Rent
$228,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Concrete-floor storage unit within a fenced condominium complex, equipped with an overhead door opener and off-street parking.
Where is this self storage facility located?
The property is located at 10208 N ST RD 13 #55 Syracuse, IN.
What is the asking price?
The asking price for this property is $67,500.
What are key features of this property?
This property features: 20 X 40 storage building in Wawasee Storage Condominiums; Concrete flooring with shingle roof; Overhead door opener included
